Sheffeld Services was formed on May 1,2022. The following transactions took place during the first month. Transactions on May 1: 1. Jay Bradford invested $41,000 cash in the company, as its sole owner. 2. Hired two employees to work in the warehouse. They will each bepaid a salary of $2,900 per month. 3. Signed a 2-year rental agreement on a warehouse; paid $25,000 cash in advance for the first year. 4. Purchased furniture and equipment costing $30,000. A cash payment of $12,000 was made immediately; the remainder will b 5. Paid $2.000 cash for a one-year insurance policy on the fumiture and equipment. Iransactions during the remainder of the month: 6. Purchased basic office supplies for $600 cash. 7. Purchased more atfice supplies for $1300 on account. 2. Hired two employees to work in the warehouse. They will each be paid a salary of $2,900 per month. 3. Signed a 2-year rental agreement on a warehouse; paid $25,000 cash in advance for the first year. 4. Purchased furniture and equipment costing $30,000. A cash payment of $12,000 was made immediately, the remainder will b 5. Paid \$2,000 cash for a one-year insurance policy on the furniture and equipment. Transactions during the remainder of the month: 6. Purchased basic office supplies for $600 cash. 7. Purchased more office supplies for $1,300 on account. 8. Total revenues earned were $18,000$7,000 cash and $11,000 on account. 9. Paid $300 to suppliers for accounts payable due. 10. Received $3,300 from customers in payment of accounts receivable. 11. Received utility bilis in the amount of $500, to be paid next month. 12. Paid the monthly salaries of the two employees, totaling $5,800. in the warehouse. They will each be paid a salary of $2,900 per month. ient on a warehouse; paid $25,000 cash in advance for the first year. ament costing $30,000. A cash payment of $12,000 was made immediately; the remainder will be paid in 6 weeks. rinsurance policy on the furniture and equipment. he month: for $600 cash. for $1,300 on account. 000$7.000 cashand $11,000 on account. 7ts payable due. in payment of accounts receivable: t of $500, to be paid next month. Preparo journal entries to record exch of the events listed, (List all debit entries before credlt entrles. Giedit occount fitles are automaticolly indented when amount is entered. Do not indent morually. If no entry is required, seiect "No Entry" for the accosisit tites and enter O for the announte) 4. 5. 6. 7. 8. Question 8 of 8